Thank you very much, Mr. Chair.
Thank you very much for coming today. There are a couple of things I wanted to start with. I suppose the most striking commentary is found in the discussion and analysis on section 1.3, where you talk about the types of things that have happened in 2010 and 2011 and the concerns. It's the most synchronized recession we've had since the 1930s. And also you talked about the weakening global economic growth, about things that are happening in the U.S. and in Europe. Throughout all of this our economy and our fixed fundamentals have kept us in the top of the pack. I'm interested in the comments on the growth of real consumer spending on goods and services as well as the business investments in machinery and equipment. And just how much of an effect was there for the demand for Canadian exports, weakened because of U.S. and European and economic stress? Also, how are we positioned in order to manage this future stress?